Bharat Heavy Electricals Ltd

Bharat Heavy Electricals Ltd

₹ 228 -0.68%
26 Feb - close price
About

Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, transportation, renewable energy, Oil & Gas and defence.[1] It is the flagship engineering and manufacturing company of India owned and controlled by the Govt. of India.[2]

Key Points

Power Sector (~76% of revenues)[1]
The company has capabilities to manufacture the entire range of power plant equipment including thermal, gas, hydro and nuclear power projects.[2]

  • Market Cap 79,408 Cr.
  • Current Price 228
  • High / Low 243 / 67.2
  • Stock P/E
  • Book Value 74.9
  • Dividend Yield 0.18 %
  • ROCE 3.33 %
  • ROE 1.70 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 20.1%
  • Debtor days have improved from 62.0 to 48.9 days.

Cons

  • Stock is trading at 3.04 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -4.11% over past five years.
  • Company has a low return on equity of -2.25% over last 3 years.
  • Earnings include an other income of Rs.565 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
4,451 7,170 2,901 5,112 5,136 8,062 4,672 5,203 5,263 8,227 5,003 5,125 5,504
4,632 8,439 3,377 5,142 5,047 6,910 4,842 5,446 5,119 7,241 5,368 5,513 5,567
Operating Profit -180 -1,268 -476 -30 89 1,152 -170 -244 144 986 -364 -388 -63
OPM % -4% -18% -16% -1% 2% 14% -4% -5% 3% 12% -7% -8% -1%
99 84 74 96 104 131 84 226 110 125 130 192 118
Interest 86 79 84 90 86 96 98 123 139 161 168 180 190
Depreciation 113 127 111 43 74 86 67 59 62 73 60 60 61
Profit before tax -280 -1,390 -597 -67 33 1,102 -251 -199 53 877 -462 -436 -195
Tax % 22% 25% 25% 31% 18% 17% 25% 106% 20% 30% 26% 45% 24%
-218 -1,036 -448 -47 27 912 -188 12 42 611 -344 -238 -149
EPS in Rs -0.62 -2.97 -1.29 -0.13 0.08 2.62 -0.54 0.03 0.12 1.75 -0.99 -0.68 -0.43
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
48,340 48,903 39,561 31,323 25,505 28,465 28,827 30,441 21,463 17,309 21,211 23,365 23,860
38,393 39,420 34,982 29,183 26,862 27,370 27,174 28,409 21,596 20,357 20,383 22,557 23,688
Operating Profit 9,947 9,483 4,579 2,141 -1,357 1,095 1,653 2,032 -133 -3,049 828 807 171
OPM % 21% 19% 12% 7% -5% 4% 6% 7% -1% -18% 4% 3% 1%
1,276 1,132 1,617 1,221 1,492 753 679 662 590 393 405 544 565
Interest 53 128 133 92 360 413 330 378 613 467 448 612 699
Depreciation 803 957 985 1,082 937 850 787 476 503 473 314 260 253
Profit before tax 10,367 9,531 5,078 2,187 -1,161 586 1,215 1,840 -659 -3,596 470 479 -216
Tax % 32% 30% 31% 34% 39% 22% 64% 46% -123% 25% 5% 0%
7,087 6,693 3,502 1,450 -706 455 438 1,002 -1,468 -2,700 445 477 -120
EPS in Rs 19.30 18.23 9.54 3.96 -1.92 1.25 1.20 2.89 -4.21 -7.75 1.28 1.37 -0.35
Dividend Payout % 22% 20% 20% 20% -14% 85% 151% 69% 0% 0% 31% 29%
Compounded Sales Growth
10 Years: -7%
5 Years: -4%
3 Years: 3%
TTM: 3%
Compounded Profit Growth
10 Years: -24%
5 Years: 2%
3 Years: 32%
TTM: -115%
Stock Price CAGR
10 Years: 7%
5 Years: 29%
3 Years: 69%
1 Year: 240%
Return on Equity
10 Years: 1%
5 Years: -2%
3 Years: -2%
Last Year: 2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 490 490 490 490 490 490 734 696 696 696 696 696 696
Reserves 24,914 30,059 32,681 33,717 31,825 31,899 31,601 30,208 27,964 25,287 25,810 26,132 25,386
432 2,698 4,693 1,889 211 156 110 2,598 5,080 4,951 4,830 5,454 9,040
41,664 38,572 37,468 34,887 33,051 29,153 31,495 30,987 26,550 25,025 25,654 27,832 25,796
Total Liabilities 67,499 71,818 75,331 70,983 65,577 61,698 63,940 64,490 60,291 55,960 56,991 60,114 60,919
4,519 4,667 4,729 4,230 3,969 3,601 3,073 2,970 2,817 2,491 2,398 2,476 2,481
CWIP 1,763 2,467 2,931 2,614 318 168 203 235 314 420 431 354 323
Investments 6 6 6 6 796 757 429 152 162 185 205 235 239
61,211 64,679 67,665 64,134 60,494 57,171 60,235 61,132 56,998 52,864 53,956 57,048 57,877
Total Assets 67,499 71,818 75,331 70,983 65,577 61,698 63,940 64,490 60,291 55,960 56,991 60,114 60,919

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-701 1,759 4,512 821 374 560 989 -3,860 -2,892 560 660 -742
-582 -1,113 -868 650 23 -565 961 1,919 1,877 -42 -1,118 1,480
-1,690 472 523 -3,543 -122 -468 -667 -32 1,622 -394 -329 89
Net Cash Flow -2,972 1,118 4,167 -2,071 275 -473 1,283 -1,973 608 123 -787 828

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 200 219 260 309 321 283 178 142 121 85 52 49
Inventory Days 210 186 195 270 272 200 191 218 321 333 274 261
Days Payable 159 152 174 239 240 225 301 297 300 281 291 345
Cash Conversion Cycle 252 253 281 340 353 258 68 63 142 137 35 -35
Working Capital Days 102 126 158 193 209 162 121 130 157 146 84 98
ROCE % 45% 33% 15% 6% -2% 3% 5% 7% -0% -10% 3% 3%

Shareholding Pattern

Numbers in percentages

2 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17% 63.17%
4.47% 4.67% 4.31% 3.86% 4.00% 4.22% 4.81% 8.48% 8.58% 7.77% 7.23% 7.04%
12.49% 12.39% 13.73% 13.80% 12.66% 12.59% 14.45% 14.71% 15.50% 16.36% 15.99% 17.58%
19.87% 19.76% 18.79% 19.17% 20.17% 20.02% 17.57% 13.63% 12.76% 12.71% 13.62% 12.23%
No. of Shareholders 9,86,75211,46,93711,38,65412,04,72912,81,74312,87,79811,92,23210,27,95810,16,93610,12,61712,27,65812,65,436

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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